Reply to Harris tax plan - raising taxes on high earners

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.[/quote]
This would apply to households worth &gt; $100 million. Are you really worried, pp, or just fear mongering?[/quote]

DP. A tax on unrealized capital gains is pernicious. They will sell it by saying it applies only to the ultrarich, those worth over $100million, but the fact is it would set a precedent that would allow future taxing of unrealized gains for people at much lower income brackets (if determined to be constitutional, which it may not be). Remember when the AMT was to apply only to the "rich?"

In fact, the changes proposed to estate tax would apply an unrealized capital gains tax to estates over $5 million by construing death as a sales event. And you would have to pay estate taxes to boot. It is not hard to get to a $5 million estate in the DC area, where many perfectly ordinary houses are valued at close to $2 million. Someone leaving an estate of $5 million plus a bit more is not ultrarich.[/quote]

THIS. Taxing unrealized gain is a dangerous precedent. And the AMT example is a perfect clap back to the PP whining that we are fearmongering.

There’s a silly saying that says “‘I never thought the leopards would eat MY face,’ sobs woman who voted for the Leopards Eating Faces Party.” Voting for taxes on unrealized capital gains is voting for Leopards Eating Faces - soon enough they’ll be lowering the threshold to 10 million unrealized gains, then 5 million, then 1 million. Which we will all get to eventually due to inflation and the leopards will be eating our faces. [/quote]

This is just not what happened at all. The AMT threshold was not lowered. People’s incomes slowly grew until it covered a few million people and then people complained about a slippery slope. Saying “they’ll be lowering the threshold” is a prediction with zero basis in AMT history. So even though I’m not the one who raised the term, I’ll say you’re fear mongering again. 
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